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Bridge Acquires Two Office Properties in Raleigh

by Alex Tostado January 9, 2020

RALEIGH, N.C. — Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, has purchased two office buildings in Raleigh. The properties include Capital Center, a seven-story, 161,698-square-foot building located at 5511 Capital Center Drive in west Raleigh. The other asset is Somerset Corporate Center, a two-building property totaling 168,310 square feet located at 4505 Falls of Neuse Road. The sales price was not disclosed. Capital Center was 93 percent leased at the time of sale to tenants including Plexus Services Corp., K4Connect, MyComputerCareer and Certara USA Inc. The property’s amenities include an onsite conference facility, outdoor common area and a fitness center. Bridge plans to invest nearly $3 million in capital improvements for the office building, including renovations for corridors and restrooms, the outdoor plaza and the entryway. Somerset Corporate Center was recently renovated with a new conference center and business hub. Capital improvements were also made to corridors, lobbies and restrooms. Somerset was 90 percent leased at the time of sale to tenants including KCI Technologies Inc., TowneBank Mortgage, Care Services LLC and Select Bank & Trust. Bridge plans to invest an additional $2.6 million to further improve corridors and restrooms and add spec suites in the …

January 9, 2020

Acquisitions Massachusetts Northeast Office

JLL Brokers $46.1M Sale of Office Building in Boston

by Alex Patton January 9, 2020

BOSTON — JLL has brokered the $46.1 million sale of 15 Broad Street, a 77,678-square-foot office building in Boston. Originally constructed in 1910 as the Marshall Building, the property is a landmark in downtown Boston, situated within walking distance of Fairlane Park and multiple transit stations. The property also features street-level retail space. Coleman Benedict, Lauren O’Neil and Matthew Sherry led a JLL team that represented the seller, Brookfield Properties, in the transaction. The team also procured the buyer, TA Realty

January 9, 2020

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Acquisitions Connecticut Healthcare Northeast Office

Jacobson Properties Arranges Sale of 31,198 SF Medical Office Complex in Newington, Connecticut

by Alex Patton January 9, 2020

NEWINGTON, CONN. — Jacobson Properties has arranged the $8.8 million sale of Constitution Professional Park, a 31,198-square-foot medical office complex in Newington, a southern suburb of Hartford. Hartford Hospital Eye Surgery Center anchors 55 percent of the three-building complex. Other tenants include Starling Physicians and Select Physical Therapy. Lisa Menin of Jacobson Properties represented the seller, Newington Realty, in the transaction. A national healthcare real estate investor was the buyer.

January 9, 2020

Acquisitions Multifamily Texas

Waterton Acquires 809-Unit Multifamily Portfolio in Metro Houston

by John Nelson January 9, 2020

HOUSTON — Waterton, a multifamily and hospitality owner and operator based in Chicago, has nearly doubled its multifamily holdings in the Houston area with the purchase of three apartment communities totaling 809 units. The properties include Reserve by the Lake in Houston, Madison on the Meadow in Stafford and Summerwind in Pearland. Waterton plans to make capital improvements at all three properties, including all unit interiors, existing clubhouses and common areas. Each unit will be upgraded with new stainless steel appliances, cabinet resurfacing and hardware, as well as upgraded lighting and plumbing packages. Exterior upgrades will include new paint and modernized clubhouses, pool areas and other common area amenities. The seller(s) and sales price were not disclosed.

January 9, 2020

Massachusetts Northeast Retail

Linear Retail Acquires 6,291 SF Retail Property in Cambridge, Massachusetts

by Alex Patton January 9, 2020

CAMBRIDGE, MASS. — Linear Retail Properties LLC has acquired a 6,291-square-foot retail store property comprising three adjacent buildings in the Porter Square Neighborhood of Cambridge, a northwestern suburb of Boston, for $3.6 million. Located at 1755-1761 Massachusetts Ave., the property is fully leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon. Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the transaction. The seller was undisclosed.

January 9, 2020

Acquisitions Retail Washington Western

Vestar Purchases Six-Property Retail Portfolio in Metro Seattle for $95M

by Amy Works January 9, 2020

LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

January 9, 2020

Acquisitions Healthcare Midwest Ohio

Reichle Klein Group Brokers $7.6M Sale of Medical Office Building Near Toledo

by Kristin Harlow January 9, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $7.6 million sale of a 48,928-square-foot medical office building in Sylvania, a northeastern suburb of Toledo. The property is located at 5520 Monroe St. ProMedica is one of the tenants. Marty Gallagher of Reichle Klein represented both the buyer and seller. PMA Investors LLC sold the asset to CD Property of Sylvania LLC.

January 9, 2020

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers $3.1M Sale of Two-Tenant Retail Building in Palatine, Illinois

by Kristin Harlow January 9, 2020

PALATINE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development firm. RML Management represented the buyer, a California-based private investor.

January 9, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $123M Sale of Office Plaza in Hackensack, New Jersey

by Alex Patton January 8, 2020

HACKENSACK, N.J. — CBRE has brokered the $123 million sale of Continental Plaza, a 647,947-square-foot office complex in Hackensack, a northwestern suburb of New York City. The three-building complex was 91 percent leased at the time of sale and offers amenities including a fitness center, conference center, cafeteria and close access to two retail centers. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the seller, Capstone Realty Group and JD Companies, in the transaction. The team also procured the buyer, Lionstone Capital.

January 8, 2020

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